Economic Crisis Facts

HEALTHCARE

  • Every state in the U.S. saw a decline in employer-sponsored health insurance between 2001 and 2008.
    (Source: Economic Policy Institute)
  • Roughly half of all bankruptcies in America are caused by medical debt – and over seventy-five percent of those who do declare bankruptcy as a result of medical bills actually had insurance at the onset of their illness.
    (Source: Health Affairs)

WAGES

  • Between 2001 and 2007 (before the current recession) wages for the average Connecticut worker actually declined.
    (Source: CT Voices for Children)
  • Low-income families have seen a 17% drop in income over the past 20 years.
    (Source: New York Times)

TAXES

  • Middle and Low-income families in Connecticut pay over 10% of their income in state and local taxes. The wealthiest 1% of Connecticut families pay less than 5% of their income in state and local taxes.
    (Source: CT Voices for Children)
  • Connecticut spends over $300 million on corporate tax credits. We only collects 37% of corporate taxes and give back the other 63% in tax credits.
    (Source: CT Voices for Children)

Revenue Reform Fact Sheets

1. Connecticut’s business taxes are the 2nd lowest in the nation. Learn more.

2. Total CT business taxes as a percent of general fund revenue has fallen from 24% to only 7%. Learn more.

3. Connecticut has the lowest growth in business taxes in the nation. Learn more.

4. According to Nobel Prize winning economist Joseph Stiglitz, “Tax increases on higher-income families are the least damaging mechanism for closing state fiscal deficits in the short run…” Learn more.

5. Connecticut’s business tax is unfair to small businesses. Learn more.

6. A balanced tax system would have those with the highest income pay their fair share. Learn more.

7. Governor Rell’s budget calls for no shared sacrifice. Instead it protects the wealthy and kills jobs. Learn more.

8. Our corporate taxes need transparency. Learn more.

9. The highest income earners have gotten tax cut after tax cut, leaving the rest of us to pay more. Learn more.

10. In Connecticut, the rich pay less in state and local taxes than anyone. Learn more.